The following data regarding purchases and sales of a commodity were taken from the related inventory account (perpetual inventory system is used): May 1 Balance Sale 25 units at $41 6 8 Purchase 16 Sale 20 Purchase 20 units 20 units at $43 10 units 23 30 Sale Purchase 20 units at $45 25 units 15 units at $47 (a) Determine the total cost of the inventory balance at May 31, using the first-in, first- out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (b) Determine the total cost of the inventory balance at May 31, using the last-in, first- out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory.